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LAS VEGAS, Feb. 19, 2016 -- The Law Office of Michael Rhodes, PLLC announces that a Shareholder Derivative Lawsuit has been filed in the District Court, Clark County Nevada, Case Number A-16-731721-C, against IPO World (OTCBB:IPOW), a Nevada Corporation.
The derivative lawsuit includes, but not limited to the following allegations: On September 30, 2014, IPO World received a shareholder investment of $200,000 for the purpose of building a production facility in Washington State. Within nine (9) months, the Complaint alleges that management impaired the entire investment. Upon further investigation, it appears the Company was allegedly planning to build a production facility for the brother-in-law of the CEO of IPO World, and although the funds were allegedly impaired, the shareholders did not receive a detailed accounting of how the funds were lost.
Further, IPO World has not filed an annual report on Form 10-K for the reporting period ending September 30, 2015, and, the Company has just filed an extension for their Form 10-Q, due for the reporting period ending December 31, 2015. Therefore, there is a lack of current, accurate, and adequate information about the company available to the public.
Contact: Michael Rhodes, Attorney at Law Law Office of Michael Rhodes, PLLC 400 South Fourth Street, Third Floor Las Vegas, NV 89101 Telephone: (702) 366-0333 [email protected]
